Biosimilars Market - Industry analysis, Trends, Estimation & Forecast, 2016 - 2024
Biosimilars are biological products that are very similar to a reference biologic and for which there are no clinically meaningful differences in terms of safety, purity, and potency. Biosimilar products are made of complex molecules with high molecular weight produced through genetic engineering in living cells. Biological products can include a wide range of products including vaccines, blood components, gene therapy, tissues, and proteins, like monoclonal antibodies and cell signaling proteins. Biosimilars are just similar because they do not have to be exact copies of the active ingredient, as with small molecule drug generics. Biosimilar therapy is a very effective way of treating diseases like cancer, rheumatoid, Crohn’s disease, ankylosing spondylitis, psoriatic arthritis, plaque psoriasis and many autoimmune disorders.
Due to the lower cost, biosimilar medicines are expected to achieve higher demand and drive the growth of the global biosimilars market. The major factor for the growth of global biosimilars market is increasing awareness about biosimilars between the patients and doctors. Additionally, growing number of patients with chronic diseases such as cancer and diabetes are driving the demand for effective biological medicines. The growth of the biosimilars market is hampered due to the lack of regulatory guidelines, consumer brand preference, reluctance of physicians to prescribed biosimilars and the high capital required for research & development. Moreover, high manufacturing cost and difficulty of production, with unclear regulatory policies are some major restraining factors for global biosimilars market. On the other hand, development of bio-better drugs in the emerging economies would act as a future growth opportunity to the biosimilar market.
The biosimilars market is segmented by type, application and geography. On the basis of type, the biosimilars market is segmented into human growth hormone, erythroprotein, monoclonal antibodies, insulin, interferon, granulocyte-colony stimulating factor and others. On the basis of application, the global biosimliars market is segmented into blood disorders, oncology diseases, chronic and autoimmune diseases, growth hormone deficiencies and others. By geography, the global biosimilars market is categorized as North America, Europe, Asia Pacific and Rest of World.
The key companies profiled in this report are Novartis, Synthon Pharmaceuticals, Inc., Teva Pharmaceutical Industries Ltd., LG Life Sciences, Celltrion, Biocon, Hospira, Merck Serono (Merck Group), Biogen idec, Inc., and Genentech (Roche Group).
Biosimilars Market Key Segments
• By Type
o Human growth hormone
o Monoclonal antibodies
o Granulocyte-Colony Stimulating Factor
• By Application
o Blood disorders
o Oncology diseases
o Chronic and autoimmune diseases
o Growth hormone deficiencies
• By Geography
o North America
o Asia Pacific
o Rest of World
Key Market Player
o Synthon Pharmaceuticals, Inc.
o Teva Pharmaceutical Industries Ltd.
o LG Life Sciences
o Merck Serono
o Biogen idec, Inc.